Wealthwayinc.com Review Is Wealth Way Legit Or Scam

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Wealthwayinc.com Review: Is Wealth Way Legit Or Scam?

Wealth Way Review: this is the name of a Forex broker that claims to have its headquarters in the United Kingdom. Is Wealthwayinc.com a scam Forex broker? Many brokers claim to be located in a location that is regulated but doesn’t have proper licensing. Read this review to know more about this broker.

When reviewing a broker, we first find out its location and check online with the commission regulating trade in the area. For Wealth Way, it mentions that it is based in the United Kingdom. We know that Forex trading in this region is under the watch of the Financial Conduct Authority. All brokers based there must be licensed to trade there and when we checked the list, we did not find it listed among them.

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Since this is not a properly licensed broker, we do not advise traders to choose this trading company. Trading with this kind of broker is dangerous as funds may get misappropriated and not under the watch of any authority.

Advantages of Wealth Way

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

The company offers traders personal account managers, market research and analysis, tight spreads, high leverage and a regulatory environment. There are also Forex webinars to educate beginner traders.

Wealth Way Trading Platform

Wealth Way offers traders access to a MT5 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: forex currency pairs, cryptocurrencies, but nothing is said about CFDs. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverage offered to clients is and while this may seem generous, it poses danger. High leverages can lead to huge loss of funds as well. Spreads are 1.6 pips on the EURUSD pairs.

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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Wealth Way

Many deposit and withdrawal means are listed on the website but the only one we saw was DixiPay. E-wallets may not be accepted which is discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $100 and this is within the obtainable average of $100 – $250 among brokers. Withdrawal fees are not disclosed and we prefer the broker to mention if they apply or not.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Wealth Way Licensed?

No. Wealth Way is not a properly licensed Forex broker and it is not advisable for traders to opt to trade with this company. We find is discouraging that the brokerage falsely claims to have a license from the FCA.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

In order to contact the broker or get in touch with the customer care, traders are to dial: +44 74 441 86731 or email: [email protected]

Conclusion

We find no legit registration for Wealth Way and this is discouraging. Many important details are left out and we do not advise traders to invest with this kind of shady company. If you have anything to add to this review, use the comment section.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Wealth Way Review – is wealthwayinc.com scam or good forex broker?

Trading accounts and conditions

Account type Min. deposit Max. leverage Spread (+ commission)
Trader $100 1:500 From 1.6 pip
ECN $500 1:400 From 0.0 pip + $5 /lot
VIP $10 000 1:300 From 0.0 pip + $3 /lot

Wealth Way presents itself as a UK-based brokerage. It offers several trading account types, access to the MetaTrader5 and although the trading conditions seem attractive, we don’t recommend this forex broker, for it doesn’t hold a legit license. This review will shade some light on the broker’s service.

No legit license

Wealth Way is allegedly a trademark of Wealth Way Inc. Limited, a company allegedly based in London, UK. Although it makes some vague claims of being a regulated securities service provider licensee, Wealth Way is not licensed by the UK Financial Conduct Authority (FCA), nor by any other financial regulator.

The lack of credible regulation compels us to state all the risks potential clients of this broker are exposed to. First of all, the lack of legit license brings together with it uncertainty regarding the most crucial aspect of a forex broker – the safety of the clients’ funds. Clients of unregulated brokers have no guarantee that their accounts are segregated, i.e. they don’t know whether the company handles their money from its own, which greatly increases the chance for fraud.

Furthermore, clients of unlicensed brokers are not covered by a compensatory mechanism, such as the Financial Compensation Scheme (FSCS) in the UK, or the Investor Compensation Fund of the financial authorities in Cyprus. These compensation schemes protect traders in case of broker insolvency.

Although Wealth Way offers trading in wide range of assets on the highly acclaimed MT5 and its trading conditions seem good, we gave them a low score due to the lack of financial regulation. We already highlighted the importance of regulation in the world of online. As always, our best advice to our readers is to invest only in properly licensed brokers. Below, you may find a list of forex brokers licensed by the UK’s FCA.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Wealthwayinc.com Review: Is Wealth Way Legit Or Scam?

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